No. 0070 authorizing the issuance of certain project temp. loan notes in connection with urban renewal project No. INDIANA R-29, providing for security for pmt. thereof and other purposes

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thereon bear in the Init to the G Note No. the "Lora but solel mentioned or order, and at su interest the oavme: attested by the City Clerk of South Bend, Indiana,, and shall t at the rate or rates as follows: Each such Project Temporary Loan Note delivered to and paid for by the Government during the period from September 6, 1963, to January 1, 1969 (herein called the "Initial Loan Period "), shall bear interest during the Initial Loan Period on the unrepaid principal amount thereof at the rate of Four per centum (4%) per annum; and From and after the expiration of the Initial Loan Period, each such Project Temporary Loan Note, whether delivered to and paid for by the Government prior to or after the expira- tion of the Initial Loan Period shall bear interest on the unrepaid principal amount therea7 at the rate per annum, which is and shall be the higher of (1) Four;, centum (4%) per annum, or (2) the rate, not to exceed, in any event, Six per centum (6%) per annum, which, subject to such limitation, shall be equal.to the average yield to maturity on all out- standing marketable obligations of the United States having a maturity of approximately five years from the first day of May or November, as the case may be, next preceding the expiration of the Initial Loan Period, as determined by the Housing and Home Finance Administrator, upon the advice of the Secretary of the Treasury of the United States of America, by estimating such average yield on the basis of daily closing market bid quotations or prices during the month of May or November, as the case may be, next precedg the expiration of the Initial Loan Period and by adjusting such estimated average yield to the nearest one - eighth of one per centum. ion 3. That each Project Temporary Loan Note issued during Loan Period, including a statement of the delivery thereof nment, shall be in substantially the following form: PROJECT TEMPORARY LOAN NOTE Project No. Indiana R -29 (herein called Public Agency), for value received, hereby promises to pay, from the Project Temporary Loan Repayment Fund hereinafter and not otherwise, upon demand, to the United States of America the sum of Dollars time to pay, but solely from said Fund and not otherwise, n said sum, from the date of the acceptance of delivery of and t for this Note, at the rate or rates as follows: - 2 -